Majesco in financial snafu, receives Nasdaq notice of non-compliance

Posted Apr 21, 2007 at 1:59PM EST by QJ Staff

Listed in: Wii, PS3, Nintendo DS, Xbox 360, PC Gaming Tags: Majesco Entertainment, NASDAQ

Last February, independent auditing firm Goldstein Goulb Kressler expressed their concern about Majesco Entertainment's financial health. Now, it seems that Majesco in a not-so-pleasant situation.

Majesco, known as the publisher of games like Cooking Mama and Psychonauts among many others, revealed that they received a second notification from Nasdaq stating the company has not met the US$ 35 million market value of listed securities requirement for continued listing.

Gibberish as this sounds, what this means is that Majesco's common stock is subject to delisting from the Nasdaq Capital Market unless the company requests a hearing before a Nasdaq Listing Qualifications Panel. In other words, this spells trouble as the fate of the company is in the hands of the Nasdaq panel. It's a sad thing when you're not in control of the situation, is it not?

The company is dead set on requesting a hearing, but of course there are no guarantees that the Panel will give in to their request for continued listing.

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Majesco in financial snafu, receives Nasdaq notice of non-compliance

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